A man raises his arm at Biarritz beach, southwestern France, in this January 10, 2007 file photo. The ageing of Europe may open opportunities to sell savings products, but it also spells a real threat to parts of the financial services industry. Pensions experts call it the "toxic tail". Like the subprime crisis faced by by banks in 2008, the risk of people living for up to 20 years after retirement seems to have crept up on an industry based on using historical data to calculate people's chances of an early death. Picture taken January 10, 2007. To match analysis AGE-EUROPE/BONDS REUTERS/Regis Duvignau/Files (FRANCE - Tags: BUSINESS SOCIETY)